This invention relates to the art of label printing and applying apparatus of the general type disclosed in U.S. Pat. No. 4,035,225 which issued to the assignee of the present invention. In such apparatus, it has been found desirable to provide for conveniently accommodating both narrow and wide strips of pressure sensitive labels so that the apparatus is more versatile and may be used for printing and applying labels to a greater variety of goods or products. The label dispensing and applying apparatus disclosed in U.S. Pat. No. 3,890,188 incorporates means for accommodating and dispensing pressure sensitive labels from both wide and narrow strips, but the different label strips are fed through the apparatus on a common centerline. This necessitates a different feeding and guiding means for the different width label strips and requires that a narrow label strip be precisely centered when being loaded into the labeler.